Looking back on 2017, we had many surprises in the real estate market. By the end of the year, condo sales were dominating the marketplace.
Let’s look at some stats for just a moment. In 2017, the average price of a condo was up 14.4% to $504,200. Compare that to the average price of a home, which actually dropped 2.5% to $990,089. That’s quite a difference!
So why are condos so hot? There are quite a few contributing factors. First, more and more people are opting to “live where they work” to reduce their commute and have more spare time. Others are buying condos for investment purposes (rental income). But for many, it is simply because they cannot afford a house. Condos are an excellent stepping stone to help people get into the real estate market. And with all the amenities available in modern condominium buildings, it can be an excellent quality of life.
Interested in buying your first place? Looking to invest? I can help with both. I am an experienced realtor. I know the Toronto real estate market, and can give you honest, educated advice on prices and timing. And I just so happen to be a real estate junkie, so I can help make this process fun. Yes, I said FUN!
So give me a call to discuss today.